Playing crypto games for a living: Filipinos seek to escape poverty • FRANCE 24 English
Summary
TLDRThe video script explores the rise of professional gaming in the Philippines, where young players earn a living through cryptocurrency rewards in online games. Gamers gather at cybercafes, spending over 12 hours daily to earn twice the minimum wage. Despite risks from scams and cryptocurrency volatility, the allure of digital earnings has drawn many away from traditional jobs, especially during the COVID-19 pandemic. The script also highlights the use of stablecoins to mitigate risks and the potential challenges of regulating this booming digital economy.
Takeaways
- 🕹️ Video games in the Philippines are a source of income for some young people, who play to earn tokens or rewards that can be converted into pesos.
- 💻 Online gaming has become a full-time occupation where players can earn more than the country's minimum wage, sometimes even twice as much.
- 🏆 Players gather at cyber cafes, such as Janal Bronze Cyber Cafe, where the winner of each game earns cryptocurrency that can be exchanged for real cash.
- 🍽️ Cyber cafes provide support to players, including free food, and act as a community and company that takes care of the players.
- 🌐 The cryptocurrency craze has spread across the Philippines, with Filipinos making up nearly a third of the global community playing these types of games.
- 🚜 Some individuals, like the 22-year-old who chose to cultivate virtual farms instead of taking over his family's farm, make more money online than they would have in traditional jobs.
- 💰 The digital economy offers lucrative work, attracting a new generation away from traditional jobs like farming.
- 🌐 During the COVID-19 pandemic, online gaming offered opportunities for people to make money from home when they were not allowed to go outside.
- 🔒 Cyber cafe owners act as mentors, protecting young players from scammers and hackers in a market worth billions.
- 📉 The volatility of cryptocurrencies poses a risk, as seen in 2022 when many players were ruined after the global collapse of Bitcoin.
- 💡 Some game developers use stablecoins, which are less volatile and linked to traditional currencies, to mitigate the risks associated with cryptocurrency fluctuations.
Q & A
What is the main motivation for young Filipinos to play video games at the cyber cafe?
-The main motivation is to make money. They play games to earn tokens or rewards that can be converted into pesos, which is a viable full-time occupation for them.
How much can a player earn in a month by playing games at the cyber cafe?
-A player can earn more than €300 a month, which is twice the country's minimum wage.
What is the relationship between the cyber cafe and the players?
-The cyber cafe provides a place for the players to play games and in return, they give a portion of their earnings to the cyber cafe. It's like a company that takes care of its players.
What is the significance of cryptocurrency in the gaming community mentioned in the script?
-Cryptocurrency is significant as it is the virtual money earned by players which can be exchanged for real cash, and it has gripped the entire country.
Why did the 22-year-old choose to cultivate virtual farms instead of taking over his family's farm?
-He chose to cultivate virtual farms because it's similar to farming but online, and he makes more money doing it digitally than he would have on his parents' farm.
How has the COVID-19 pandemic affected the gaming and cryptocurrency industry in the Philippines?
-The pandemic has led to an increase in people turning to online gaming as a way to make money from home, as traditional jobs were not accessible during lockdowns.
What role does the cyber cafe owner play in the gaming community?
-The cyber cafe owner acts as a mentor, keeping an eye on the youngest players and educating them about potential scammers and how to protect their digital assets.
What are the potential dangers associated with the volatility of cryptocurrencies?
-The volatility of cryptocurrencies poses a danger as it can lead to significant financial losses, as seen in 2022 when Bitcoin lost over 60% of its value, forcing many Filipinos to abandon gaming.
What measures are being taken to protect players from the volatility of cryptocurrencies?
-Some developers are using less volatile cryptocurrencies that are indexed or linked to traditional currencies, such as the US dollar and the Euro, to provide more stability.
How does the game 'kryptos Shish' work, and what are the potential earnings for players?
-In 'kryptos Shish', players compete by being the last clicker to win. After paying a $1 fee, the winner gets $7, and the remaining $3 goes to the developer. It's simple and can be very profitable for some.
What is the stance of the Philippine authorities on the cryptocurrency boom?
-The authorities are keeping a nervous eye on the cryptocurrency boom and may take steps to regulate the large and growing market, although the global value of cryptocurrencies makes it potentially difficult to control.
Outlines
🎮 Filipino Gamers Turn to Cryptocurrency for Income
This paragraph introduces the phenomenon of young Filipinos who play video games not for leisure but as a means to earn a living. They gather at cybercafes, such as Janal Bronze, where winning games can result in cryptocurrency earnings, which are then exchanged for real money. The narrative highlights the appeal of this work, as it allows individuals to earn more than the national minimum wage, with some players even supporting their communities. The script also mentions the risks involved, such as scams and the volatility of cryptocurrencies, which can lead to significant losses for players.
🏦 The Regulatory Challenge of the Crypto Gaming Boom
The second paragraph delves into the broader implications of the crypto gaming boom in the Philippines. It discusses the potential for regulation by authorities who are concerned about the rapid growth of this market, which is part of a global cryptocurrency valuation exceeding $2 trillion. The paragraph contrasts the views of those who see the gaming as akin to a casino, based on luck, with those who argue it is a skill-based activity. It also touches on the efforts of some game developers to mitigate risk by using stablecoins, which are less susceptible to the volatility that can affect traditional cryptocurrencies.
Mindmap
Keywords
💡Video Games
💡Cryptocurrency
💡Cyber Cafe
💡Virtual Money
💡Minimum Wage
💡Digital Economy
💡High-Speed Internet
💡Stable Coins
💡Volatility
💡Scammers
💡Regulation
Highlights
Young Filipinos are playing video games as a full-time occupation to earn money.
Online gaming can be a source of income through tokens or rewards converted into pesos.
Players gather at cyber cafes to compete and earn cryptocurrency.
Players can earn more than €300 a month, which is twice the country's minimum wage.
A portion of the earnings is given to the cyber cafe as part of a community-like company structure.
Cryptocurrency has become a significant part of the gaming community in the Philippines.
Filipinos make up nearly a third of the global community playing cryptocurrency games.
High-speed internet in the country is leveraged for online gaming and cryptocurrency earnings.
A 22-year-old chose to cultivate virtual farms over taking over his family's physical farm.
Virtual farming can be more profitable than traditional farming for some Filipinos.
The new generation is attracted to the digital economy over traditional jobs.
The COVID-19 pandemic led to an increase in online gaming for income due to lockdowns.
A cryptocurrency conference in Buo attracted hundreds interested in the gaming industry.
Successful gamers and ordinary people share their stories and experiences at the conference.
The gaming community faces risks from scammers and hackers in the $7 billion market.
Educating members on protecting their digital assets is crucial due to market risks.
The volatility of cryptocurrencies like Bitcoin has led to financial ruin for some players.
Some game developers use stablecoins to mitigate the risks of cryptocurrency volatility.
Games like Kryptos offer a simple mechanism for players to win stablecoins.
The debate on whether online gaming for cryptocurrency is akin to a casino is highlighted.
Philippine authorities are concerned about the growing cryptocurrency gaming market and may regulate it.
The global value of cryptocurrencies poses challenges for regulation efforts.
Transcripts
[Music]
they play video games until the early
morning but these young Filipinos are
not playing for fun they're hard at work
determined to make money
[Music]
online we game can be a full-time
occupation they can play the games then
they can earn a token or reward and then
they can convert that into a peso it's
really a dream job because you're
basically working in front of the
computer while playing around 10 players
a day gather at janal bronze cyber
cafe the winner of each game pockets
cryptocurrency virtual money that can be
exchanged for real
cash Buble tapos defense
Lang y tapos lagging Yan
[Music]
players spend more than 12 hours a day
competing and can earn more than €300 a
month twice the country's minimum wage
they then give a portion of their
earnings to the cyber cafe so right now
we're giving food free food for them our
community here it's like a company you
need to take care of the the players The
cryptocurrency Craze has gripped the
entire country Filipinos make up just
under a third of the global Community
playing this type of game taking
advantage of the country is high-speed
internet this 22-year-old could have
taken over his family's Farm but he
chose to cultivate virtual Farms
instead
butter when you're a farmer you you will
uh you'll get the crops and sell it to
people right so here it's the same but
it's online it's digital like you farm
online you get the crops online then you
can sell it online Munchies makes more
money on his virtual than he would have
done on his parents
Farm I don't want to uh sugar coat it
but I mean all mostly Filipinos needs
money right so even if the game is bad
but you earn money on it like we will
play
it this new generation is turning away
from traditional jobs drawn to lucrative
work in the digital
economy playing it is more easier than
farming it in real life and making the
same money
the prospect of earning easy money has
attracted fans across the
country hundreds of them have gathered
for a cryptocurrency conference here in
buo in the north of the
[Music]
country games high potential for
earnings
then the stars of the event are the most
successful Gamers ordinary people like
the farmer's son
many young Gamers joined the wave
sweeping the Philippines during the
covid-19
pandemic all of us are online all of us
are in our house and looking for ways to
make uh money because we're not allowed
to go outside during uh pandemic it's
locked down so I think uh the web Tre
gaming space gave us a lot of
opportunity to be able to make money
while at home
the cyber cafe owner is among the
conference participants he acts like a
mentor to The Gaming Community keeping
an eye on the youngest players in case
they fall victim to the many scammers
who operate in a market worth $7 billion
in our industry there are a lot of Bad
actors there are a lot of hackers
scammers that can take away your digital
assets so it's really important to
inform our members about this one and uh
give them uh tools uh just to uh protect
themselves the volatility of
cryptocurrencies poses another
danger in 2022 tens of thousands of
players were ruined after the global
collapse of Bitcoin the best known
virtual currency which lost more than
60% of its value in just a few
weeks many Filipinos had to abandon
gaming up to 90% of daily players were
forced to find other
jobs to prevent another meltdown some
developers use a less volatile
cryptocurrency that's indexed linked to
traditional currencies such as the US
dollar and the
Euro the game is called kryptos Shish
you just need to be the last clicker to
win the game and once you win you'll be
able to win stable coins stable coin is
good because you don't have to worry
about the volatility of the prices of
the tokens 10 players compete in this
game after paying a $1 fee
the winner will get $7 with the
remaining $3 going to the developer it's
simple and for some very
profitable is it like a bit like
Casino it it actually depends now
whether it pertains to the game of luck
or the game of uh skills it's not a
casino because it is based on skill
authorities in the Philippines are
keeping a nervous eye on the Crypt boom
and could take steps to regulate this
large and growing Market but with global
cryptocurrencies valued at more than $2
trillion this is a digital Beast that
could be impossible to tame
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